Paypal Turns to Bitcoin Expert to Future-Proof Itself

A man described as being a "bitcoin entrepreneur" has joined Paypal, with the traditional money-shifting business inviting Wences Casares to pull up a chair at its board table.

Casares is best known for being the founder of bitcoin processor Xapo, plus he's had past successes in the world of the digital wallet with a business known as Lemon.

As for what he's likely to actually do for Paypal, the company's CEO Dan Schulman said: "Wences's unique line of sight into the future of commerce is ideally aligned with PayPal’s vision of transforming the management and movement of money for people around the globe."

So it sounds like he'll be sitting around having ideas. Casares himself seems to think he's been handed a ticket to innovate the entire world's financial services industry, as he said of his move: "I am honored to serve on the board of an iconic global company dedicated to driving the transformation of money on a global scale. I look forward to working together with the PayPal board and leadership team to continue to deliver their compelling vision." [TechCrunch]